First published: Engelsberg Ideas 15 September, 2025
Global trade imbalances do not figure on most people’s lists of things to worry about, but they should. Excessive and sustained surpluses and deficits have been, and are today, the proximate cause of profound economic and geopolitical problems. The IMF recently issued a warning that global imbalances, which reflect domestic imbalances between savings and investment, are getting bigger and more entrenched. It is telling us in a more abstract way what we already know, which is that protectionism and global tension are on the march. Read on…..https://engelsbergideas.com/notebook/trade-imbalances-are-stalking-the-global-order/
